Finance Act, 1992

Alteration of rates of capital gains tax.

60.—(1) Section 3 of the Capital Gains Tax Act, 1975 , is hereby amended, as respects chargeable gains accruing on any disposal made on or after the 6th day of April, 1992—

(a) by the substitution of the following subsection for subsection (3) (as amended by the Finance Act, 1990 ):

“(3) Except as otherwise provided for by the Capital Gains Tax Acts, the rate of capital gains tax in respect of chargeable gains accruing to a person on the disposal of an asset shall be 40 per cent., and any reference in those Acts to the rate specified in this section shall be construed accordingly.”,


(b) by the deletion of subsection (4) (inserted by the Finance Act, 1982 ).

(2) Section 36 (as amended by the Finance Act, 1990 ) of the Finance Act, 1982 , is hereby amended by the deletion of subsections (2), (3) and (3A).